SoFi CEO steps down over 'HR-related litigation and negative press'

Our co-founder and CEO Mike Cagney sent the following message to SoFi employees this evening:

All,

It is with a heavy heart that I am announcing that I will step down as CEO of SoFi by the end ofthis year.

SoFi has been an amazing journey. From the early days with five of us in a one-room office in 2011, to 1,200 employees spread across the country today, few firms have matched our success. We have had massive impact on our members lives, lending over $20 billion to our over 350,000 members, saving them over $1.8 billion in student loan interest and $500 million in credit-card interest, and helping them advance their careers and relationships.

That impact keeps growing. In the second quarter alone, we funded over $3.1 billion in loans, producing $134 million in revenue and $61.6 million in adjusted EBITDA. I could not be prouder of the company’s we’ve built together.

Recently, though, the focus has shifted more toward litigation and me personally. The combination of HR-related litigation and negative press have become a distraction from the company’s core mission.

I want SoFi to focus on helping members, hiring the best people, and growing our company in a way consistent with our values. That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you.

I will be fully dedicated to the business through year-end, and will work closely with the Board to find the best candidate to lead us forward.

SoFi has built an incredible team. While we’ve come a long way, we’re still in the early innings of what we can and will accomplish. I’m grateful to have had the opportunity to help get us to where we are today - and I look forward to seeing where all of you take SoFi in the coming years.